Here are three charts that reflect how far and how fast home sales have fallen.
And just so there are no mistakes that the Great Depression 2.0 is here, pending homes sales plunged a massive 30% on expectations of -14.2, and a previous read of 6%. This was the biggest MoM drop on record. Deflation is here...
“The discount will probably stay between 25 percent and 30 percent as lenders carefully manage the number of new foreclosure actions in order to avoid flooding the market,” Rick Sharga, RealtyTrac’s senior vice president for marketing...
Normally, after a bubble, prices not only return to the mean but crash right through it, and Ritholtz thinks that that may be possible again this time.
The internal numbers from yesterdays Consumer Confidence Survey were really very ugly. The American public has no interest in buying a house or car, and their view of the economy is down right bearish.
The results of the first survey are out, and not surprisingly, it indicates that first-time “homebuyer traffic dropped sharply in May. This drop implies fewer signed contracts in June and fewer closed transactions in July and August.”
What usually happens when markets get wildly overvalued – and a ~3 standard deviation price move sure qualifies — is they get resolved not by reverting to the mean, but by careening far beyond it.
According to the Congressional Budget Office, the losses could balloon to $400 billion. And if housing prices fall further, the cost to the taxpayer could hit as much as $1 trillion.
Those Indymac boys were given deal by the FDIC, and borrowers were strong-armed.
On an aggregate basis, 81% of all loans in the state are ‘underwater’, and the average mark-to-market loan-to-value ratio of Florida loans is 138%. ‘Nearly 40% of all Florida borrowers owe more than 150% of the value of their homes,’ said Slump.
I am trying to get information on mortgage revocation or who I can contact for mortgage revocation. I have sent emails to the people on the webpage but I have not received any responses. Your help would be greatly apprecaited. &nbRead Letter
Since the collapse of the mortgage market 95+ percent of all loans are now “safe” government backed loans. Yet problems are still here. So doesn’t it seem unwise and downright illogical to try to get more people to buy if clearly wages...
"It is ironic, but there is a growing consensus that there may be a new housing shortage coming," said James Gaines, a real estate economist with Texas A&M.
One of the things that Markets are best at is price discovery — the determination of a price for a specific item through basic supply and demand factors. Without the heavy hand of the government intervening, the real estate market is about to ex...
The Gulf of Mexico oil spill is the greatest environmental disaster in U.S. history, and it is threatening to become one of the greatest economic disasters in U.S. history. Agents along the Gulf coast are reporting that the spill has completely kill
Backed by a multibillion-dollar private equity firm in New York, a team of Miami investors and strategists launched Lionheart Capital this year looking to scoop up choice South Florida condos at rock-bottom prices.
Futures were down again 3% today, and have almost completed a full "reverse V," returning to crisis-days levels.
Notice how the late 1980s-early 1990s housing downturn, which was considered to be serious at the time, pales in comparison in contrast to our current slump. And in that downturn, it took fifteen quarters for prices to bottom.
New home join the existing home sales double dip brigade, and plunge by an unprecedented 32.7%, nearly double the expected -18.7, compared to a previous reading of 14.7%. The government succeeded in making a mockery of this data...
On Tuesday, new home sales data from the NAR punched housing bulls in the gut. The post-homebuyer tax-credit hangover is going to be very ugly.
Calculated Risk points to the latest from the Mortgage Bankers Association, who point out that new mortgage applications fell 1.2%. Refinance activity fell by over 7%..
HAVE YOU BEEN DEFRAUDED BY YOUR BANK??? The only way to know if YOU have been scammed is to analyze your “Mortgage” or “Loan Documents” YOURSELF! BY SPECIAL INVITATION ONLY… Your presence has been cordially requested at A PRIV
Existing home sales slipped in May and missed estimates but sustained a strong pace as homebuyers who qualified for the expired tax credit moved to close deals ahead of the June 30 deadline.
Sales of U.S. previously owned homes unexpectedly fell in May as demand began to slip even before a government tax credit expires.
Approximately 180,000 home buyers who signed a contract in good faith to receive the tax credit may not be able to finalize by the end of June due to delays in the mortgage process, particularly for short sales.
The number of foreclosures in Anthem quadrupled during the first five months of this year, according to numbers provided by a national firm that tracks the data. Arizona Regional Multiple Listing Services...
Here is one ugly proxy for the housing economy. We wrote about lumber last week, but it's only gotten worse since then, and in fact it's fallen very hard in just the last couple of days.
HAVE YOU BEEN DEFRAUDED BY YOUR BANK??? - The only way to know if YOU have been scammed is to analyze
Only 30% of the 5.7 million borrowers who are 60 days delinquent are eligible for the program. 4 million delinquent borrowers are stuck. Of those eligible for the program, only 346,000 have completed the trial and received a permanent modification.
Fourteen percent of borrowers are 30-days late or worse. The cure rate at 60-days late is almost zero. What's French for Armageddon?